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  • Writer's pictureScott Davis

Franklin, Tennessee: Cost Of Living

Welcome to Franklin, Tennessee, a charming city nestled in the heart of Williamson County, just south of Nashville, and renowned for its rich history, vibrant culture, and booming economy. As newcomers flock to this picturesque locale, one burning question remains: What is the cost of living in Franklin? Let's delve into the intricacies of expenses, housing, utilities, and more to paint a comprehensive picture of life in this beloved Southern gem.

1. Housing Costs: Franklin's housing market has experienced a surge in recent years, reflecting the city's desirability. According to data from Zillow, the median sold home price in Franklin is currently $889,000, marking a significant increase from previous years. Renting is also a popular option, with a median rent price of $2,790 per month, as of March, 2024. And based on what I'm seeing from the Federal Reserve, I see no signs of this rise in home prices slowing down over the next decade (unfortunately). However, these prices come with the promise of beautiful neighborhoods, excellent schools, and a strong sense of community.

2. Utilities: Keeping the lights on and the water running comes at a moderate price in Franklin. On average, residents can expect to pay around $150 per month for utilities, including electricity, water, heating, and garbage disposal. These costs may vary depending on factors such as household size, usage habits, and the efficiency of appliances.

3. Transportation: While Franklin offers a network of roads and highways for convenient commuting, owning a car is almost a necessity in this suburban setting. Gas prices in Tennessee are relatively affordable compared to national averages, currently averaging around $3.15 per gallon. Additionally, residents may opt for public transportation services provided by the Franklin Transit Authority, offering fixed-route and on-demand services within the city and surrounding areas.

4. Groceries and Dining: From farm-fresh produce to mouthwatering Southern cuisine, Franklin's culinary scene is a feast for the senses. The cost of groceries aligns with national averages, with a family of four spending approximately $800 to $1,100 per month on food, according to Numbeo. Dining out can range from budget-friendly eateries to upscale restaurants, catering to a diverse range of tastes and budgets.

5. Healthcare: Access to quality healthcare is essential, and Franklin boasts numerous medical facilities and practitioners to meet residents' needs. The cost of healthcare services may vary depending on insurance coverage and individual circumstances. However, Franklin's proximity to major healthcare hubs like Nashville ensures residents have access to top-notch medical care.

6. Entertainment and Recreation: Franklin offers a plethora of entertainment options to suit every preference, from outdoor adventures to cultural experiences. Residents can explore historic sites, attend live performances, or unwind in one of the city's many parks and green spaces. While some activities may come with a price tag, there are also plenty of free or low-cost options for budget-conscious individuals and families.

7. Education: For families with children, education is a top priority, and Franklin delivers with top-rated schools and educational opportunities. Williamson County Schools consistently rank among the best in the state, attracting families seeking quality education for their children. While property taxes contribute to funding public schools, residents benefit from the excellent educational outcomes they provide. Homeschooling is also increasing in popularity around middle Tennessee (especially in the Williamson county area).

8. Taxes: When it comes to taxes, Franklin residents enjoy some advantages. Tennessee does not levy a state income tax, offering significant savings for individuals and families. This is also one of the driving factors for the constant demand on the local real estate market and a huge reason many people are choosing to relocate to the area. However, sales tax rates are relatively high, currently standing at 7%, which may impact overall expenses, especially for big-ticket purchases.

9. Employment Opportunities: Franklin's robust economy, anchored by industries such as healthcare, technology, and manufacturing, translates to ample job opportunities for residents. Major employers in the area include Nissan North America, Mars Petcare, and Community Health Systems, among others. The city's low unemployment rate and competitive wages make it an attractive destination for professionals seeking career advancement.

10. Conclusion: In conclusion, while Franklin's cost of living may be higher than some neighboring areas, it offers a quality of life that's hard to beat. With its scenic beauty, strong economy, and welcoming community, Franklin continues to draw residents from far and wide. Whether you're considering a move or simply curious about life in this historic city, rest assured that Franklin, Tennessee, offers a blend of Southern charm and modern convenience worth every penny.

For more information on moving to Nashville or to hook up with a great  real estate agent \ who knows the area well, connect with The 615 Agent today!


I'm a local Nashville real estate agent and I would love the chance to speak with you about how my team and I could help you with your real estate needs.

Please contact me and let's discuss where you are and how I can help get you where you are going!

Thank you for visiting. Happy moving!

Copyright ©2023

Scott Davis | Licensed Realtor®

License #369664


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